Only 24% of consumers think now is a good time to buy a house, according to Fannie Mae’s latest National Housing Survey conducted in March.
Homebuyer Sentiment Hits All-Time Low
According to the latest monthly National Housing Survey conducted by Fannie Mae in March, only 24% of consumers think that now is a good time to buy a house. This 24% represents the all-time low in homebuyer sentiment ever recorded by Fannie Mae since 2010.
To exacerbate this all-time low consumer sentiment regarding homebuying, an eye-popping 73% of consumers think the economy is on the wrong track. In addition, a survey-high of 25% of consumers anticipate that their financial “situations” will worsen over the next 12 months.
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Consumer Pessimism Translates into Forecasts of Reduced Home Sales
Fannie Mae Deputy Chief Economist Mark Palim said that slouching consumer sentiment “…will likely diminish mortgage demand from move-up buyers – and fewer move-up buyers mean fewer available entry-level homes – adding to the rising-rate challenges for potential first-time homebuyers. If consumer pessimism toward homebuying conditions continues and the recent mortgage rate increases are sustained, then we expect to see and even greater cooling of the housing market than previously forecast.”
In a March 10 Fannie Mae forecast that we reported on several weeks ago, Fannie’s economists predicted that existing home sales will drop to 6.6M, a dip of -4.1%. Fannie’s economists simultaneously projected an increase of +12.3% in new home sales. This projected growth in new home sales is expected to compensate for Fannie’s anticipated drop in existing home sales.
Home Purchase Sentiment Index Down
Fannie Mae’s Home Purchase Sentiment Index dropped -2.1% to 73.2 in March. This latest drop in the HPSI represented a drop of -8.5 points y/y.
Four factors contributed to the net decreases in Fannie’s HPSI: buying conditions, job loss concerns, home price outlook and mortgage rate outlook.
Two factors of the HPSI were positives: selling conditions and change in household income.
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Thanks to Fannie Mae and Inman.
